Determinant of Financial Ratios on Stock Price in Multi-Industrial Sector Manufacturing Companies Listed in The Sharia Indonesia Stock Index 2016-2020
DOI:
https://doi.org/10.30631/iltizam.v6i1.1182Keywords:
ROA, EPS, Stock Price, Financial RatioAbstract
The purpose of this study was to determine the effect of financial ratio variables in the form of: Return on Assets (ROA), Earning Per Share (EPS), Debt to Equity Ratio (DER), Current Ratio (CR), and Total Asset Turn Over (TATO), on stock prices in Manufacturing Companies in the Multi-Industrial Sector listed in the Indonesian Sharia Stock Index (ISSI) Period (2016-2020). The sample used in this study were 22 companies taken from the purposive sampling method. This study uses a quantitative approach with secondary data collection methods on company reports. The analytical method used in this study is Panel Data Regression Analysis using Statistical Analysis tools in the form of Eviews. The results of this study indicate that the Partial Return on Assets (ROA), Current ratio (CR), Total Asset Turn Over (TATO) have a negative and insignificant effect on stock prices significant to stock prices. And the variables Debt to Equity Ratio (DER) and Earning Per share (EPS) have a positive and significant effect on stock prices. This study also shows that simultaneously (Test F) Return on assets (ROA), Earnings Per share (EPS),Debt to equity Ratio (DER), Current Ratio (CR), and Total Asset Turn Over (TATO) have an influence on the price Shares in Manufacturing Companies in the Multi-Industrial sector listed in the Indonesian Sharia Stock Index (ISSI) for 2016-2020.
References
Ade Gunawan, "The influence of the Current Ratio (CR) and Debt to Equitty Ratio (DER) on stock prices in plastic and packaging companies." Sosek : Social and Economic Journal 1, no. 1 (July 31, 2020): 29–40.
Adi Misykatul Anwar, "The Influence of Current Ratio (CR), Debt To Equity Ratio (DER), Return On Assets (ROA) on Stock Prices (Case Study on Food and Beverage Sector Companies Listed on the IDX in 2017-2019)," Journal of Scientific Accounting Student 1, no. 2 (14 June 2021)
Alexander Thian. "Sharia Capital Market: Recognizing and Understanding the Scope of the Islamic Capital Market". Yagyakarta: Andi Publishers, 2021.
Arif Sugiono and Edy. "Basic Practical Guide Financial Statement Analysis Basic Knowledge for Banking Students and Practitioners. Jakarta: Grasindo, 2008.
Asep Muhammad Lutfi, and Nardi Sunardi. "The influence of the current ratio (CR), Return on equity (ROE), and sales growth on stock prices that have an impact on the company's financial performance (in food and beverage manufacturing companies listed on the Indonesian Stock Exchange (IDX)." journal of securities (stocks) , economics, finance and investment) 2, no. 3 (1 may 2019): 83–100.https://doi.org/10.32493/skt.v2i3.2793.
Bati and Hilmiatus Sahla. "The effect of profitability ratios on stock prices in food and beverage sub-sector manufacturing companies listed on the Indonesian sharia stock index. (ISSI)" National multi-disciplinary seminar, Asahan University, no. 0 (October 16, 2020).http://jurnal.una.ac.id/index.php/semnasmudi/article/view/1566.
Dendy Pramana Putra "The Influence of Return on Assets (ROA), Return on Equity (ROE), Earning Per Share (EPS) and OPM on stock prices of industrial sector companies." diploma, IAIN Ponorogo, 2021.http://etheses.iainponorogo.ac.id/12989/.
Dewi, Tri Muliana, Nisfu Fhitri, and Zulfa Kharina Batu Bara. "The Effect of Financial Ratios on Stock Prices in food ingredients companies listed on the Indonesia Stock Exchange (IDX)." journal of management, economics of science 1, no. 1 (2019): 57–66.
Dwi Ayuningtyas, "16 percent collapse, the worst miscellaneous industry sector for 9 months in 2019,” CNBC Indonesia, accessed 5 December 2021, https://www.cnbcIndonesia.com/market/20191001170400-17-103613/amblas-16-sector- miscellaneous-industry-worst-9-month-in-2019
Fiona Mutiara Efendi,, and Ngatno Ngatno. "The effect of Return on assets (ROA) on stock prices with Earning per share (EPS) as an intervening (a case study on textile and garment sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2013-2016)." business administration journal 7, no. 1 (2018): 1–9.https://doi.org/10.14710/jab.v7i1.22568.
Frenki Dompak, Girsang, Untung Wahyudi, and Endah Puspito sarie. "The Effect of Financial Ratios on Stock Prices (Study on Manufacturing Companies listed on the Indonesia Stock Exchange (IDX) for the period 2016 to 2019).” conference on economics and business innovation 1, no. 1 (23 March 2021): 646–62.
Gumanti, and Tatang. "Signal Theory In Financial Management." Indonesian Management and Entrepreneurs 38 (1 September 2009): 4–13.
Gunawan, Ade. "The influence of the Current Ratio (CR) and Debt to Equitty Ratio (DER) on stock prices in plastic and packaging companies." Sosek : Social and Economic Journal 1, no. 1 (July 31, 2020): 29–40.
Harmono "Financial Management". 2nd print. 2nd print. Jakarta: PT. Bumi Aksara, 2011.
Hermuningsih, Sri, and Dewi Kusuma Wardani. "Factors that affect firm value in companies listed on the Malaysia Stock Exchange (BEM) and the Indonesia Stock Exchange (IDX) business strategy journal 13, no. 2 (2009).https://journal.uii.ac.id/jsb/article/view/2020.
I. Made Sudana, "Financial Management Theory and Practice". Jakarta: Airlangga University Press, 2019.
idxchannel. "Indonesia's Sharia Stock Index Continues to Strengthen, Up to 84 Percent." https://www.idxchannel.com/. Accessed December 1, 2021. https://www.idxchannel.com/market-news/index-saham-syariah-Indonesia-terus-menguat-naik-to-84-persen.
Ika, Desi, and Listiorini Listiorini. "Analysis of Fundamental Factors that affect stock returns of companies listed in the lq 45 index on the Indonesia Stock Exchange (IDX) for the period 2013 - 2015." accounting and business journal : journal of accounting study program 3, no. 1 (May 2, 2017).https://doi.org/10.31289/jab.v3i1.421.
Irham Fahmi. "Financial Performance Analysis is a guide for academics, managers, and investors to assess and analyze businesses". Bandung: Alphabeta, 2017.
Isnan Ahmad. "The effect of financial ratios on stock prices in service companies listed on the lq45 index on the Indonesian stock exchange (IDX) for the period 2012-2016." journal of accounting insight and research 5, no. 2 (20 June 2018): 127–38.https://doi.org/10.25157/jwr.v5i2.1407.
Isnan Ahmad, Sahmin Noholo, and Muliyani Mahmud, "Effect of financial ratios on stock prices in service companies listed in the LQ 45 index on the Indonesia Stock Exchange (IDX) for the period 2012-2016," journal of accounting insights and research 5, no. 2 (20 june 2018): p.3,https://doi.org/10.25157/jwr.v5i2.1407.
Isnan Ahmad, Sahmin Noholo, and Muliyani Mahmud. "The influence of financial ratios on stock prices in service companies listed on the lq45 index on the Indonesia Stock Exchange (IDX) for the period 2012-2016." Journal of Accounting Insights and Research 5, no. 2 (20 June 2018): 127–38. https://doi.org/10.25157/jwr.v5i2.1407.
Joko Salim "Don't Try to Play Stocks Before Reading This Book". Jakarta: VisiMedia, 2012
Keke Utamy and RR Dian Anggraeni. "The influence of Debt to Equity Ratio (DER), Total Assets Turn Over (TATO) and Earnings per share (EPS) on stock prices in lq-45 index companies listed on the Indonesia Stock Exchange (IDX) in 2013-2017." scientific journal of accounting and technology 10, no. 2 (2018): 16.
Mary, "The effect of Total Assets Turn Over (TATO) and Return on Assets (ROA) on stock prices in mining companies listed on the Indonesia Stock Exchange (IDX) in 2010-2012." acsy journal : sekayu 1 polytechnic accounting journal, no. 1 (2014): 32–38.
Mantik, Micah QHM, Dolina l. Tampi, and Wilfried s. Manoppo. "Effect of Earnings per share (EPS) on stock prices of manufacturing companies in the consumer goods sector listed on the Indonesia Stock Exchange (IDX) for the 2015-2018 period." journal of business administration (jab) 9, no. 2 (11 July 2019): 1–8.https://doi.org/10.35797/jab.9.2.2019.23895.1-8.
Mar'ati, "Knowing the Capital Market (Main Instruments and the Process of going Public) | mar'ati | among makarti,” p.79, accessed 19 October 2021
Muhammad Fala Dika, and Hiras Pasaribu. "The effect of Earning per share (EPS), Return on Assets (ROA), and Debt to Equity ratio (DER) on stock prices." nominal: accounting and management research barometer 9, no. 2 (29 September 2020): 258–74.https://doi.org/10.21831/nominal.v9i2.31436.
Muhammad "Shari'ah Financial Management (Fiqh and Financial Analysis). first printing, Yogyakarta: UPP STIM YKPN, 2014.
Muhammad Mujino, Pristin Prima Sari, and Indah Wahyu Widiyanti. "The effect of Return on Assets (ROA), Return on Equity (ROE) Net Profit Margin (NPM) and Earning Per Share (EPS) on stock prices." edunomics scientific journal 5, no. 1 (27 February 2021).https://doi.org/10.29040/jie.v5i1.1700.
Mohamad Anwar. "Fundamentals of Corporate Financial Management". Jakarta: Prenada Media, 2019.
Nadi Hernadi Moorcy "Factors Affecting the Stock Price of Food & Beverages companies listed on the Indonesia Stock Exchange (BEI0 | geoeconomic journal," 12 March 2020. https://jurnal.fem.uniba-bpn.ac.id/index. php/geoeconomics/article/view/17.
Nur Asni and Ayu are sustainable. "The effect of Return on assets (ROA) and Debt to equity Ratio (DER) on stock prices in manufacturing companies listed on the Indonesia Stock Exchange (IDX)” 4, no. 1 (yy): 20.
Nurul Huda and Mustafa Edwin Nasution. "Investing in the Islamic Capital Market". 2nd Printing. Jakarta: Prenada Media, 2007.
Nurlia and Juwari "The Influence of Return On Assets (ROA), Return On Equity (ROE), Earnings per Share (EPS) and Current Ratio (CR) on Stock Prices in Automotive and component sub-sector companies listed on the Indonesia Stock Exchange | geoeconomic journal,” December 13, 2019.https://jurnal.fem.uniba-bpn.ac.id/index.php/geoekonomi/article/view/50.
Republika Online. "IDX: Islamic Capital Market Grows Rapidly in a Decade,” April 12, 2021. https://republika.co.id/share/qrfz9n370.
Rizkia Milana Daughter, "The effect of Earning Per Share (EPS), Price Earning Ratio (PER), and Debt to equity ratio (DER) on stock prices in cosmetic and household companies listed on the Jakarta Islamic Index (JII). [Thesis]." diploma, Uin Raden Fatah Palembang, 2017.http://perpus.raden fatah.ac.id.
Riza, Fahrul, and Wahyudi Sudibyo. "Factors that affect the level of stock returns in the automotive and component sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the 2015-2018 period." journal of business & applied management 13, no. 1 (19 May 2020): 067–082.https://doi.org/10.30813/jbam.v13i1.2132.
Rifka Nazilatur Rohmah. "The influence of Economic value added (eva), Return on assets (ROA), current ratio (CR), Debt to equity ratio (DER), and Total asset Turn Over (TATO) on stock prices in manufacturing companies listed on the sharia securities list ." undergraduate, Raden Intan Lampung University, 2018.http://repository.radenintan.ac.id/3939/.
Rushadiyati. "Analysis of financial ratios to share prices in companies listed on the Jakarta Islamic Index (JII) for the 2015-2019 period." scientific journal of economics 19, no. 1 (2021): 19.
Sukayasih, Amri, Mahfud Nurnajamuddin, and Ramlawati Ramlawati. "The effect of the current ratio (CR), Return On Assets (ROA), and Debt to Equity Ratio (DER) on the stock prices of companies listed on the Indonesia Stock Exchange in the property and real estate sectors. paradox: journal of economics 2, no. 3 (July 31, 2019): 81–88.
Sutrisno "Financial Management" (Theory, Concepts and Applications). 2nd Edition. Yogyakarta: Ekonisia, 2017.
Suwardi Hermanto "The influence of financial performance, growth, leverage and liquidity on stockprices."accessedAugust3,2021.https://www.researchgate.net/publication/327160380_unjuk_kinerja_keuangan_percepatan_leverage_dan_likuiditas_terhadap_harga_shares.
Tarigan, Juwita Puspita br. "The influence of the Current Ratio (cr) and Debt to Equity Ratio (DER) on the stock price of PT. Fast Food Indonesia tbk which is listed on the Indonesia Stock Exchange (IDX) for the period 2011-2017.” scientific journal of management and business (jimbi) 1, no. 1 (26 november 2020): 81–90."vol 1, no 2 (2021).” accessed 18 December 2021.https://jom.universitassuryadarma.ac.id/index.php/jima/issue/view/6.
Tri Wahyuni, Arista Natia Afriany, and Anindita Imam Basri, "The Effect of Profitability, Liquidity, Solvency, and Market Ratios on Stock Prices in Companies," Pacioli: Journal of Accounting and Financial Studies 1, no. 1 (27 January 2021).
Wicaksono, Bambang Wahyudi. "The influence of Return on Assets (ROA), Current Ratio (CR), Earning Per share (EPS), and Debt To Equity Ratio (DER) on Stock Returns in Property and Real Estate companies listed on the Indonesia Stock Exchange (IDX) in 2015 – 2017.” essence: business management journal 22, no. 1 (26 April 2019): 64–81.
Yarnest, "Financial Ratio Analysis Measuring Company Performance and Its Effect on Stock Prices and Expected Stock Returns as a decision-making material for investors." belantika education 2, no. 2 (4 November 2019): 87–101.https://doi.org/10.47213/bp.v2i2.35.
Yuli Nurhasinah and Gemawan Dwi Putra "Indonesia Reaches Fifth Position in the World Manufacturing Industry | Good Indonesian.” Accessed December 1, 2021. https://Indonesiabaik.id/infografis/Indonesia-raih-position-kelima-di-industri-manufaktur-dunia.
Yusrizal, Sudarno, and Ribkha ribkha. "The influence of eps, per, roa, and der on stock prices of various industrial sector companies listed on the Indonesia Stock Exchange (IDX) in 2013-2017." exchange rate : journal of accounting, entrepreneurship and business 4, no. 2 (22 December 2019): 169–80.
Downloads
Published
Issue
Section
License
Copyright (c) 2022 ILTIZAM Journal of Shariah Economics Research
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
